The/ES has been all over the place in overnight trading.
Just about 30 minutes ago, it was trading at the overnight lows and then a buy program hit to have it ticking some +14 as I type.
There were some buy signals on the 60’s /es, so the bounce does fit a technical divergence.
Can the bulls hold gains after the GDP numbers due out shortly?
It wouldn’t surprise me if we see a good GDP that gets revised to negative growth in a month or so.
The Dems have been beaten up pretty good and they need a win, even if it is a lie 😉
The /es is touching resistance as I type and if they can get above the 3837, we should see a mini short squeeze up to 3858.
Above 3858, there is resistance at 3895, but if we get up there, I believe the 4050 will be a magnet, where I will close my long trade as anywhere near the 4050.
One can simply run with stops, as we very well may see 4100 and if the above targets don’t get hit, leave stop at your entry.
For today, the bulls need to get the price back above 3840 for a reaction trade up to 3890/3934.
The bears need to get the price below 3820 for a reaction trade down to 3800/3765. -Gary Dean
SPX Hourly Technicals
Divergences: No Divergences
Resistance Pivots: R1-3940 R2-3980 R3-4045
Support Pivots: S1-3884 S2-3833 S3-3810
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